The Indian stock market have extended the morning loses and are trading well in the red this Monday afternoon with the Nifty50 down 102 points and is trading at 11,412 while the Sensex is trading lower by 391 points at 37,699.

From the BSE smallcap space, sugar stocks have taken the pole position led by Bajaj Hindusthan, Dhampur Sugar, Ugar Sugar, Dwarikesh Sugar, Sakthi Sugars and Avadh Sugar which zoomed 20 percent after government approved hiking the price of ethanol produced directly from sugarcane juice for blending in petrol by 25 percent last Wednesday.

BPCL, HPCL, Indian Oil Corporation, Tata Steel and Grasim Industries are the top gainers on the Nifty.